Robinhood posts record $1.42 billion Q3 revenue, but EPS misses as crypto revenue falls 55%

Robinhood just had its biggest revenue quarter ever. Shareholders still got a smaller slice of profit per share. The brokerage reported Q3 2026 total net revenue of $1.42 billion, up 12% year-over-year. Diluted earnings per share, however, came in at $0.51, below analyst estimates of roughly $0.54 to $0.57. Record sales and an earnings miss in the same release is an unusual combination. Most of the explanation traces back to crypto. What carried the quarter, and what didn’t Robinhood (NASDAQ: HOOD) released the results on October 27. Transaction-based revenue reached $867 million, a 19% increase from the prior year. The standout was event contracts, essentially bets on outcomes like elections or sporting results. That line brought in $173 million, more than six times its level a year earlier. Options revenue climbed 31% to $399 million, which keeps it the largest single transaction line. Equities revenue rose 41% to $121 million. Crypto told another story. Cryptocurrency revenue fell 55% to $120 million. Notional crypto trading volume across the platform, including Bitstamp, dropped 38% year-over-year to $50 billion. For context, equities revenue now slightly exceeds crypto revenue...